Consumer Credit Agreements Amendment Regulations 2004

27. Section 8 inserts a new section 86A under Section 86 of the 1974 Act. Section 86A requires OFT to write and publish fact sheets for debtors and tenants on unpaid debts and defaults. A creditor or landlord must provide a debtor or tenant with a notice sheet on delays at the same time as a notice on arrears (in accordance with the new paragraphs 86B and 86C (inserted paragraphs 9 and 10 (see below) and a fact sheet on delays at the same time as a notice of delay (in accordance with section 87 of the 1974 Act). However, depending on the circumstances, you may be eligible for coverage under section 75A. The price of the item or service must be more than $30,000 and the amount of the loan that the seller has arranged for you must not exceed $60,260. 4.For Rule 2 (form and content of regulated consumer credit… that, in the case of an annual interest rate, the declared interest rate does not vary over the duration of the credit contract or the shorter period for which it applies; and sub-clause (2) applies to a consumer credit contract if the contract is not a cost-effective consumer credit contract. Names, logos, marks, drawings or other information about the creditor, if this information is contained in a way that cannot mislead or mislead an appropriate person or divert attention from information that must be disclosed by law. or 24. Section 6 inserts a new section 77A under section 77 of the 1974 Act. Section 77A requires creditors in regulated fixed-amount credit contracts to submit annual accounts in the form declared to debtors, the first of which is required within one year of the date the agreement was reached.

21. Article 4 inserts a new section 16B under the new section 16A (inserted in the 1974 Act by Clause 3). Section 16B exempts from regulation consumer credit and lease agreements entered into, in whole or in part, for the commercial purposes of the debtor or lessor, where the credits or rents granted exceed $25,000; Although the unfair relations provisions continue to apply (i.e. the new paragraphs 140A to 140C inserted in clauses 19 to 22 (see below), as well as the existing provisions on blackmail credits (i.e. sections 137 to 140 of the 1974 Act), as indicated in Section 16A (see Appendix 3 note). , as long as they are identifiable; and a creditor transfers rights to the contract to another creditor; and 12. Responsibility for regulating consumer credit is transferred to Northern Ireland under the de-de decentralised regime. However, with the Northern Ireland Assembly currently suspended, ministers agreed that the law would be extended to Northern Ireland. 35.

Article 13 inserts a new section 86F under the new section 86E (inserted in the 1974 Act by Clause 12). Section 86F provides that a creditor or landlord can only charge simple interest on the late amounts (see comments in paragraph 18 below) payable by the debtor or tenant, including the amounts payable under non-commercial agreements or small contracts (see definitions in section 189, paragraph 1 of the 1974 Act).